Chinese commercial bank with announced 1 billion USD capital will be directly subdued to the Government and will be based on an absolutely different concept on the market.
The bank sector does not consider the Chinese bank to be a competitor, in a traditional sense, because its operation will not be regulated by the Law on Commercial Banks. The bank is enlisted in the category of financial institutions that was announced several years ago and it will serve major infrastructural projects.
We mean Development Bank of Georgia. It is also known that for several month the initiators were thinking of how to name the financial institution – bank or corporation.